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Midtown South: Where the Money's At

NEW YORK CITY-CBRE looked very optimistically to the Midtown South market which has been doing rather well in the third quarter for both hotels and office space.

By Miriam Lamey | Updated on October 16, 2012

NEW YORK CITY-Office leasing activity here “really depends on where you are standing” as to whether it is booming or just hanging on, said Peter Turchin, executive vice president CBRE, at the firm’s third quarter press briefing. And – perhaps unsurprisingly – the lucrative Midtown South area has certainly been booming, according to data this morning. Turchin said that average asking rents in the neighborhood hit the “highest number we’ve ever had” – figures that “top the market since 08.” Put it this way: $53.40 per square foot as of September is nothing to sneeze at.

It certainly offset the area’s leasing activity, which was described as “marginally below” the five-year monthly average of 330,000 square feet, although YTD leasing was slightly ahead of last year. But all hope is not lost: Turchin added the market is “very, very active” and there has been some tenant growth in the area, mostly small tech companies (much to Mayor Bloomberg’s delight.)

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